From change jars to savings accounts, saving money is a personal journey, and the ways in which you do it will depend on your personal circumstances. But here are three simple things to consider as ways to save money and manage your personal finances, even when you are thinking of moving abroad and transferring your pension with you, commonly known as a QROPS transfer.
- Take care of the little things.
You would be surprised how the smallest of ways to save can really make a difference. For example, over a year or two of collecting your loose change, you might just have enough in the pot to buy yourself that new crockery set or microwave you have needed for a while. And you won’t have even noticed that you were actually saving as you go, simply by throwing your change into a pot once a week. But aside from the more trivial saving options, how ab out your credit card debt. If you’re paying an interest rate on your current card, have you looked into your options for cutting the interest altogether? It can be really simple to make a 0% interest balance transfer, especially if you are already managing the minimum monthly payment. Without the headache of the interest, you will likely pay off the debt more quickly and therefore save in the long run.
- Make a plan
It is easy to get caught up in the here and now when it comes to savings routines such as those mentioned above, especially when you already have a pension scheme set up if you are employed. But consider if this will be enough of a plan for your future before you settle. As well as an employer-based pension option, you might want to consider an additional savings pot. This can be as simple as a personal savings plan with your bank, setting up a private pension home or abroad, or even (if you have the budget) investing in property for a longer-term turnaround. It will depend on your current circumstances, but if you are earning a steady income, any of these options are worth looking into.
- Be frugal
If you are in a steady position with your earnings and outgoings, it can be tempting to sacrifice any additional savings plan in place of over-spending. Of course, it’s great to indulge, if you have the luxury to do so, but it is important when you’re considering how essential your savings will be later in life, that you invest in your future as well as your present. So, be frugal with your spending. If you need that all-important holiday, are you sure you’re going for the best option rather than just splashing out for the same results?
Savings are your future, so choose them wisely – and it could be worth your while speaking to a savings expert to see which options suit your circumstances best. The top tip to take away is this: You work hard for your money today, so do everything you can to make your money work for you tomorrow.